Peace Abbey donations, loans help it stay afloat

By Peter Reuell/Daily News staff
June 1, 2008

SHERBORN - The Peace Abbey is back on firmer financial footing today, nearly a year after facing the possibility of breaking up and selling the property to pay off more than $400,000 in debt.

The Sherborn facility, known worldwide for promoting nonviolence and social justice, last summer faced selling off all or part of its North Main Street property to pay off debt resulting from an equity line of credit.

Late last week, Peace Abbey Director Lewis Randa said the property is off the market and he hopes to see the debt paid off by the end of the summer.

The solution, he said, wasn't to think big - he'd originally hoped to find a single benefactor who would purchase the $4.5 million property and allow the Peace Abbey to stay put - but to work on a smaller scale.

Spurred by a suggestion by Clark University professor Joe DiRivera, the Abbey began accepting $1,000 "interest free loans" from supporters, or "shareholders."

To date, Randa said, the Abbey has received 223 donations and loans, ranging from $1,000 to as much as $25,000. The Abbey's target is to find 400 people willing to make a loan.

"It allows us to pay off the equity line of credit...instead of looking for a few major sponsors," Randa said.

Using interest-free loans, he said, means supporters who later need the money will get it back.

"It could be a month, a year or several years," Randa said. "It really depends on the individual or family. We've already had people loan money who needed it back."

The loans only help the Abbey pay down the equity line, not the property's mortgage, but Randa said every penny counts. By paying down the $400,000 equity line, the facility avoids being hit with as much as $38,000 in annual interest.

Besides, he said, it gives visitors and supporters the feeling of having a stake in the Abbey.

"It's a wonderful way to build community," he said. "What we've found is those who have loaned us $1,000 come and visit more often. They bring their children and grandchildren."

And though the idea has so far been hugely successful, Randa believes the Abbey has just scratched the surface.

"Ninety percent of the people we thought would have participated, haven't yet," he said.